By Klaus J. Hopt, Gunther Teubner
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Additional info for Corporate Governance and Directors' Liabilities: Legal, Economic and Sociological Analyses on Corporate Social Responsibility
But they have all — even the German unions — differed from labour unions in America — and do still, despite the current developments in industrial policy of the AFL-CIO — in bearing within them a challenge to that legitimacy and a demand for qualitatively new dimensions of responsibility. (3) The final strand was, for Britain, full of paradoxes. Throughout their existence, the chosen method of advance for British trade unions has been collective bargaining. Elsewhere in Europe, other methods of "participation" in the negotiation and administration of the enterprise emerged, alongside frequently less developed bargaining machinery.
Even the imperial claims of a further "unseen revolution", alleged to have taken place through large shareholdings of employees' pension funds (Drucker, 1976), were shown to have few clothes by the discovery that most funds were really managed by the orthodox financial institutions (Minns, 1980); and the autonomy of the British financial sector contributed to a picture again remarkably similar to the modifications put upon Berle and Means by Herman (Longstreth, 1979; de Vroey, 1975). Mangement certainly seemed to have achieved independent status in company law by 1960 as evidenced by the law concerning "gifts" of company assets.
V. Newman Industries (No. 2)  2 All E . R . 841; reversed  Ch. ). Any such attempts for British courts to mould a new multi-dimensional concept of the "interests The Legal Development of Corporate Responsibility 29 of the company" are likely to be still-born, especially when there is little realisation that they will involve a new balance of private interests within a frame of public interests which are largely lacking from the debate — unless the public interest be confined to the profitability of companies.
Corporate Governance and Directors' Liabilities: Legal, Economic and Sociological Analyses on Corporate Social Responsibility by Klaus J. Hopt, Gunther Teubner